Comparative statements of retained earnings for renn-dever corporation were reported in its 2018 annual report as follows. renn-dever corporation statements of retained earnings for the years ended december 31, 2018 2017 2016 balance at beginning of year $ 7,060,452 $ 5,733,552 $ 5,904,552 net income (loss) 3,488,700 2,380,900 (171,000 ) deductions: stock dividend (36,500 shares) 255,500 common shares retired (128,000 shares) 256,000 common stock cash dividends 939,950 798,000 0 balance at end of year $ 9,353,702 $ 7,060,452 $ 5,733,552 at december 31, 2015, common shares consisted of the following: common stock, 1,895,000 shares at $1 par $ 1,895,000 paid-in capital—excess of par 7,580,000 required: infer from the reports the events and transactions that affected renn-dever corporation’s retained earnings during 2016, 2017, and 2018. prepare the journal entries that reflect those events and transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)